Istanbul/London, Turkey/UK, 25 May 2015 – SOCAR,
Turkey's largest foreign investor, receives USD 212 million
project finance loan with a 13 year-maturity and a 3 year-grace
period from leading Turkish bank, Akbank, to finance the
development of the Petlim container terminal.
"SOCAR's investments in petrochemicals, energy and
logistics in Turkey will enable Turkey and Azerbaijan to produce
oil and natural gas derivatives and intermediate goods together.
Due to its strategic importance, the Petlim container port at
SOCAR's site in Aliaga, Izmir stands right at the heart of
these investments," said Muhsin Keskin.
A team of lawyers from Esin Attorney Partnership, a member firm
of Baker & McKenzie International, and Baker &
McKenzie's London office advised Akbank in relation to a USD
212,000,000 loan extended to Petlim Limancilik Ticaret A.S. (Petlim
Container Terminal). Petkim Petrokimya Holding A.S., also a SOCAR
company, acted as guarantor. The loan will finance the design,
engineering, construction, commissioning and procurement of the
Petlim Container Terminal, which will be operated by APM Terminals
(Maersk Group), with a maximum capacity of 1.3 mm TEU. The deal was
signed on 25 May 2015.
The cross-border team was led by Istanbul-based Partners Muhsin
Keskin and Duygu Turgut and London-based Partner Calvin Walker.
Associates Batuhan Uzel, Ali Selim Demirel and Orcun Solak in
Istanbul provided support.
"It was a privilege to be working on such a high profile
transaction, particularly in a fast-growing economy such as Turkey,
which is embracing project finance as a major source of
funding," commented Calvin Walker.
SOCAR-owned Petlim Container Terminal was established in 2010 to
develop Petkim as the largest port on the Aegean Sea and third
largest integrated port in Turkey. The ground-breaking port project
is designed to develop Aliaga, Izmir - one of Turkey's most
strategic industrial zones - into a major logistics integration
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